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We have seen large bullish looking options flows involving call buyers in iShares MSCI Japan (NYSEArca: EWJ) which is the largest in terms of assets under management (north of $4.1 billion currently) amid very heavy trading volume in the ETF last Thursday, with more than 80 million shares traded versus average daily volume of about 17 million.

EWJ is also one of the “pioneers” of ETFs in terms of its tenure on the market, having launched in 1996.

The fund has a decidedly large cap/mega cap slant, with more than 88% of the index weighted towards these segments of the Japanese equity market. Top holdings are currently Toyota Motor (5.14%), Mitsubishi UFJ Financial Group (2.82%), Honda Motor (2.36%), Sumitomo Mitsui Financial Group (2.02%), and Takeda Pharmaceutical Company (1.79%).